NIO Stock Forecast: Nio sinks after Hang Seng Index tumbles to close the week
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CLAIM OFFER- NYSE: NIO fell by 2.9% during Friday’s trading session.
- Fears over China’s declining growth had Chinese stocks selling off yet again.
- Barclays reduces its price target for Nio to $19.
Nio (NIO) slipped lower yet again on Friday as the tumultuous week for Chinese ADR stocks mercifully came to an end. Shares of NIO fell by a further 2.9% and closed the trading session at a price of $9.69. All three major averages soared into the weekend as strong earnings results from Apple (AAPL) lifted the broader markets. After a brutal week for big tech stocks, Apple offered investors some hope as the stock surged by more than 7.5% despite weaker-than-expected iPhone 14 sales figures. Overall, the Dow Jones added 2.6%, the S&P 500 gained 2.5%, and the Nasdaq surged higher by 2.9% during the session.
Nio stock price
Recent economic data and further concerns over more covid lockdowns have investors in China heading for the hills once again. Stocks in Hong Kong tumbled as the Hang Seng index fell a further 4% on Friday. The fears arrived after it was shown that the Chinese economy is likely shrinking after industrial revenues came in lower than in 2021 on a YoY basis. With President Xi set to double down on his zero-covid policies, ADR investors are bracing themselves for another term of regulatory crackdowns and economic decline.
A well-known Nio bull from Barclays slashed Nio’s price target by a significant amount. Analyst Jiong Shao previously had a price target of $34 per share for Nio’s stock, but on Friday this was reduced to just $19. Shao is concerned that in the short term, there are too many headwinds in the Chinese economy for Nio to outperform its stock price. The new price target would still see Nio more than double its price from Friday’s closing levels.
NIO 5-minute chart 10/28/22
- NYSE: NIO fell by 2.9% during Friday’s trading session.
- Fears over China’s declining growth had Chinese stocks selling off yet again.
- Barclays reduces its price target for Nio to $19.
Nio (NIO) slipped lower yet again on Friday as the tumultuous week for Chinese ADR stocks mercifully came to an end. Shares of NIO fell by a further 2.9% and closed the trading session at a price of $9.69. All three major averages soared into the weekend as strong earnings results from Apple (AAPL) lifted the broader markets. After a brutal week for big tech stocks, Apple offered investors some hope as the stock surged by more than 7.5% despite weaker-than-expected iPhone 14 sales figures. Overall, the Dow Jones added 2.6%, the S&P 500 gained 2.5%, and the Nasdaq surged higher by 2.9% during the session.
Nio stock price
Recent economic data and further concerns over more covid lockdowns have investors in China heading for the hills once again. Stocks in Hong Kong tumbled as the Hang Seng index fell a further 4% on Friday. The fears arrived after it was shown that the Chinese economy is likely shrinking after industrial revenues came in lower than in 2021 on a YoY basis. With President Xi set to double down on his zero-covid policies, ADR investors are bracing themselves for another term of regulatory crackdowns and economic decline.
A well-known Nio bull from Barclays slashed Nio’s price target by a significant amount. Analyst Jiong Shao previously had a price target of $34 per share for Nio’s stock, but on Friday this was reduced to just $19. Shao is concerned that in the short term, there are too many headwinds in the Chinese economy for Nio to outperform its stock price. The new price target would still see Nio more than double its price from Friday’s closing levels.
NIO 5-minute chart 10/28/22
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